Simple Ways to Avoid Buyer's Remorse

When it comes to buyer’s remorse, most of us are familiar with the feeling that occurs when we’ve either bought something we’re not sure we really like or have purchased more than we can afford. It’s a common phenomenon that can occur with everything from clothing to cars, but it stands to reason that the larger the purchase, the larger your chances of experiencing unneeded stress and anxiety.

Therefore, it should come as no surprise that buyer’s remorse is something new homeowners are at a high risk of experiencing; however, unlike a pair of shoes or even a television, you can’t simply return a house if your feelings suddenly waver. To combat this, it’s important to consider the following:

1.) LOCATION, LOCATION, LOCATION—While it’s very possible to change the way a home looks and functions once it becomes yours, the one thing you cannot alter is its proximity in relation to what you do each day. With this in mind, when searching for the ideal home or when deciding whether to make an offer, think about where you travel every day and how you want your lifestyle to look.

Yes, it may seem smart to live further out in the suburbs where you tend to get more home for your buck, but don’t forget that you may simply wind up spending your money on transportation and commuter costs instead.

2.) UNDERSTAND THE HIDDEN COSTS—Sure, a large yard sounds nice, as does that two-story living room ceiling, but it’s important to remember that these types of little luxuries require a bit more in upkeep and heating/air costs.

If it still seems like something you want, consider how you will utilize the space. If you have children who could use the outdoor space or you have a passion for gardening, then perhaps a large yard isn’t something you’ll resent putting money into. However, if you’re simply looking for a pretty picture to view from your kitchen window, then perhaps you might want to consider a property with less land.

3.) WHOSE WANTS ARE YOU LISTENING TO?—While it may seem easier to simply go-with-the-flow and select a home which seems suited to your position in life—condo after college, starter home as a newly-wed, move-up house for middle age, and a simple home in Florida after retirement—it’s incredibly important to consider YOUR needs first. Try not to fixate on what you think you should want or even the home’s potential for future buyers—instead, worry about whether your purchase works for YOU and YOUR life.

4.) DON’T BE TOO SHORT-SIGHTED—Although three bedrooms may seem like plenty for you now, will it be enough space for a family several years down the line? When life changes—as it inevitably does—no one wants to have to go through the long process of moving to a new home just to gain a little more space or even to make the mortgage payments more affordable should something like a salary cut occur. Be smart—think ahead.

5.) IS IT SUSTAINABLE?—Buying a home is all about maintaining balance between functionality, needs, costs, and wants. If you aren’t certain in advance that you can sustainably make payments on a home, while still managing the other costs that come with home ownership, then perhaps you need to consider looking at another property.

In the end, it’s important to remember that you can start off on the right foot by knowing what you want from the beginning and maintaining a sense of realism about what’s reasonable. Part of making sensible choices means articulating your needs to an experienced Realtor and allowing them to help you see the big picture. If you cover your bases in the beginning, you will be less likely to make a decision you’ll regret later.

Pamela Evans | Hello Pam Evans Real Estate | www.hellopamevnas.com | 678-778-6551